Iain Stewart MP has welcomed the Conservative Government’s Autumn Statement for Growth, taking the long-term decisions to reduce debt, cut taxes, reward hard work and back businesses in Milton Keynes.
With inflation falling, and global economic conditions stabilising, the Conservative Government are now able to take the long-term decisions required to strengthen the economy and build a brighter future for people across Milton Keynes.
To ensure work always pays under the Conservatives, the Autumn Statement for Growth cuts National Insurance Contributions for 29 million people and reforms the welfare system to toughen up work requirements, ensuring those in the welfare system are incentivised to work.
To back business, the Conservative Government have announced full expensing will be made permanent. That means business have their taxes cut every time they invest in the UK; this is a £11 billion a year tax cut. Businesses across Milton Keynes will also welcome a cut to their business rates.
The Conservative Government are going further with the cost of living to support 1.6 million low-income families with an increase to their housing benefit and have announced the National Living Wage will be boosted by the largest ever cash increase, ending low pay and ensuring hard work is rewarded.
The Autumn Statement for Growth also backs new technologies with a £4.5 billion advanced manufacturing fund and announces new Investment Zones – backing business and supporting new jobs.
The Conservative Government is making huge progress in tackling the long-term economic challenges facing the UK meaning a more dynamic economy that delivers prosperity across the United Kingdom.
Commenting, Chancellor of the Exchequer Jeremy Hunt MP said:
“With inflation falling, and global economic conditions stabilising, we are now able to turn our attention to the long-term decisions required to strengthen our economy and build a brighter future.
“Our Autumn Statement for Growth takes those long-term decisions to reduce debt, cut tax, reward hard work and back British business right across the country.
“By doing so we are making huge progress in tackling the long-term economic challenges facing the UK so we can build a more dynamic economy that delivers prosperity across our United Kingdom.”